Months after the Noida Extension fiasco left 6,000 home buyers in the lurch, the government is ready with a bill to regulate the real estate sector and protect property buyers from unscrupulous developers. The Centre has finalised the draft Real Estate (Regulation & Development) Bill, pending since 2009, and plans to introduce it in the winter session of Parliament after getting cabinet approval.

The bill makes it mandatory for developers to register themselves with a real estate regulatory authority to be set up in each state. Developers must also submit project details — approved layout plan, timeline, cost, sale agreement — to the regulator before launching projects. This information will be displayed on the regulator’s website. Only those developers who fulfil this clause will be permitted to advertise their projects.